SundaeSwap launch on Cardano, suffers failed transactions due to network congestion
- SundaeSwap is the Cardano ecosystem's first decentralized exchange.
- The exchange and staking platform is the first dApp to use Cardano's smart contracts.
- Users suffered from failed transactions within the first two minutes of SundaeSwap's launch.
- Analysts have predicted a further drop in Cardano price, a continuation of its downtrend.
The launch of Cardano's first decentralized exchange revealed underlying problems in smart contracts on the network. Within the first two minutes of launch, users suffered failed transactions and congestion in the altcoin's network.
Cardano network's first dApp mainnet launch suffers from failed transactions
Cardano network's first decentralized application (dApp), SundaeSwap launched, causing a stir among users. Within the first two minutes of SundaeSwap's launch, users suffered failed transactions, congestion in the smart contract network and platform errors.
SundaeSwap's launch was scheduled for 9:45 pm UTC on January 20. Within the first two minutes, the Discord server of the decentralized exchange filled with failed transactions and network congestion messages.
The failed transactions could be caused by a sudden influx of users and a spike in activity. The decentralized exchange was the first smart contract application to go live on Cardano's mainnet, the Ethereum-killer's ecosystem.
Cardano price climbed consistently over the past week but suffered a drop over the past 24 hours. Cardano price has plummeted since the launch of SundaeSwap; experts believe the failure of the decentralized exchange's launch is one of the key factors fueling a bearish narrative for the altcoin.
Michaël van de Poppe, a crypto analyst and trader, has predicted a continuation of Cardano's downtrend.
Got there. $ADA pic.twitter.com/o1s5DjWNrF
— Michaël van de Poppe (@CryptoMichNL) January 20, 2022
@tedtalksmacro, a crypto analyst and investor, believes that the launch of SundaeSwap was the top for Cardano price, followed by exit liquidity.
Sundaeswap was the top, Charles engineered some exit liquidity $ADA pic.twitter.com/Dh6XFG3bij
— tedtalksmacro (@tedtalksmacro) January 21, 2022
FXStreet analysts have evaluated the Cardano price trend and predicted that the Ethereum-killer is on track to hit $2.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
